Interval Leisure, CLC Complete $89M European Resort JV Deal

Law360, New York (November 4, 2013, 6:15 PM EST) -- Florida-based Interval Leisure Group has sealed up an approximately £56 million ($89.4 million) joint venture and merger deal with a unit of CLC World Resorts & Hotels to nab stakes in CLC's European timeshare management services business, the companies announced Monday.

Per the deal, ILG and CLC formed a joint venture dubbed VRI Europe Ltd, which then took over CLC's European timeshare business for $89.4 million, according to investor documents. ILG will hold a 75.5 percent stake in the new joint venture, which will manage shared...
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